look at what Blank Stare is doing to us: CBO Predicts 2004 Deficit Will Top $480B. Keep in mind these numbers DO NOT INCLUDE Iraq. I ask you: would you run you're own budget this way (and not expect to declare bankruptcy)? The man must be stopped.
But if Congress permanently extends current tax cuts, as President Bush has requested, the numbers soar and remain in the red for the foreseeable future, adding another $1.6 trillion to the debt, the CBO said.
The forecasts do not include ongoing costs of U.S. military and reconstruction activity in Iraq or other new spending proposals. The cost of the Bush administration's proposal for expanding prescription drug benefits for seniors would add another $400 billion in debt, the CBO estimated.
The deficit for the current fiscal year, which ends Sept. 31, will be $401 billion, the CBO estimates, far exceeding the previous record-high deficit of $290 billion in Fiscal Year 1992.
Assuming no changes in current fiscal policy, the CBO's baseline budget deficit and surplus forecasts for the next 10 years are:
2004: -$480 billion
2005: -$341 billion
2006: -$225 billion
2007: -$203 billion
2008: -$197 billion
2009: -$170 billion
2010: -$145 billion
2011: -$9 billion
2012: +$161 billion
2013: +$211 billion
Surpluses in 2012 and 2013 and indicated with plus signs. However, the estimated surpluses only occur if Congress allows recent tax cuts to expire.
The cost of permanently extending those tax cuts would result in deficits for the entire period and increase the total debt to nearly $3 trillion:
2004: -$477 billion
2005: -$400 billion
2006: -$338 billion
2007: -$319 billion
2008: -$306 billion
2009: -$280 billion
2010: -$253 billion
2011: -$251 billion
2012: -$188 billion
2013: -$150 billion
EXTENDED BODY:
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and bremer is asking for more money for iraq ... where is that going to come from ?
Posted by al | October 29, 2006 3:27 PM
Posted on October 29, 2006 15:27